👏 US SEC approves bitcoin ETFs in watershed for crypto market 👏
(www.reuters.com)
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I'm pretty ignorant about all of this and I'm super suspicious of these companies as well. Any chance this is a kind of back door to allow them to to track and control bitcoin? I'm not a fan of Crypto currencies but I am 100% certain that these financial companies can't stand the fact that they can't control them. Maybe someone here can educate me on this.
you are absolutely right. This is a way for them to get their algos controlling the price of bitcoin through derivatives.
The same way they do with gold, silver, GME, etc
How do derivatives effect blockchain?
they control "btc futures" via derivatives.
remember a few years ago when oil contracts went negative? similar to that. basically use calls/puts/ futures contracts to control what they btc 1 month picture is.
they have so much wealth and power. Long term buy, hold, hodl but in the short term this gives them power
I understand that. Been following game stop for a while. But since there’s only one way to buy or sell a btc isn’t it more difficult to market manipulate?
They could get absolutely blown out no? When Obama said you’d need a magic wand to fix the economy and then Trump did everything Obama promised and more…. Then mentioned the magic wand thing, I realized one thing. These people spend trillions to actively suppress and harm we the people. Financially. Health wise. Relationships. It’s nonstop.
Great question. I'm wondering if anyone really knows? This is all new territory. What's your understanding of the Blockchain?
They can try.. but as long as enough people hold them privately and off exchange, it won't matter at all... Bitcoin will be compromised.. but Bitcoin cash won't.. and a bunch of others won't either.
How will BTC be compromised?
It already is.. It was taken over by a group called 'Core' that had nothing to do with the original creation of Bitcoin and that group slowly got all of the original Bitcoin programmers removed.. It also immediately started introducing protocol-crippling limitations like leaving the blocksize at an unnecessarily-small 1mb - as if being able to run a full node on a Raspberry PI 2 for the next 10 years is the main purpose of Bitcoin. The price was allowed to inflate hugely while suppressing the price of Bitcoin Cash - a fork of the original Bitcoin before it was compromised. The price of Bitcoin Cash - despite at one moment skyrocketing to more than $4000 each - has been artificially kept low despite much of the original Bitcoin community (and those with new found wealth from the Bitcoin price increases from 2009-2013) moving much of their BTC into BCH.
I still have some BTC.. but plan on it ultimately dropping and being replaced by BCH. I think BCH will be the highest-priced crypto and most used in the next 10-15 years - or at least it will be a major player. The more this information gets out, the more it will be impossible for 'TPTB' to keep Bitcoin as the dominant crypto and keep it artificially crippled..
The new crypto ETFs appear to be a good thing short term for the crypto prices - but I think they are ultimately going to be used to inflate the 'liquidity' of crypto and manipulate crypto prices. There is no fucking point of having an ETF that allows you to invest into crypto other than there are numerous onerous laws and regulations attempting to control your financial investments - and crypto was designed to route around that bullshit. Not your keys.. not your crypto.
BTW, I'll be throwing some of my 401k money at the crypto ETFs because I do see it being a hedge against the market and the $USD at the same time.. for the very short term.
Anyway.. I'm going to be right.. so my advice is to just hold one Bitcoin Cash on your own wallet (like a Ledger or even just a piece of paper with your private keys printed on it and kept safe).. and keep it as a hedge against old money and power losing their grip.
The problem with your theory is that bitcoin is a very limited supply currency.
In order for them to gain enough control of the supply to play this game… they would have to quite literally drive bitcoin price up by many multiples of its current value.
The price value movement when a purchase of 1 BTC is made on the market, is much stronger than an equivalent purchase in gold.
I think you are underestimating the power and size of the derivatives market.
You could make the same argument for platinum or palladium. On a big enough scale a single buyer could manipulate the market, yet the value goes down even as inflation goes up.
Bitcoin doesn’t inflate.